Rédaction Africa Links 24 with Esther FOSSI
Published on 2024-03-19 13:33:12
The announcement was made by Louis Paul Motaze, Minister of Finance.
In a statement signed on March 6 but only made public on the 18th, the Minister of Finance Louis Paul Motaze announced the process of disengagement of the State from the capital of the bank.
The consortium of advisors supporting the Cameroonian State in its operation of partial divestment of its 98% shareholding in the Commercial Bank-Cameroon is led by Rothschild & Co.
The process of selecting a strategic acquirer should lead to the signing of a purchase agreement by the end of the first semester of 2024, followed by its listing on the stock exchange.
The disengagement clause contained in the restructuring plan provides, according to the information website Ecomatin, that 51% of the shares will be sold to a strategic partner, 30% placed on the Central African Securities Exchange (Bvmac) based in Douala, and the Cameroonian State would retain only 17%.
The remaining 2% belongs to the insurance company, Allianz Cameroon. Before the seizure of its shares in 2013, Yves Michel Fotso held over half of the capital (via Capital Financial Holdings Luxembourg, 46.57%; Fotso Group Holdings, 2.14%; and Dawney Holding, 5%).
By listing a portion of its shares in CBC on the stock exchange, the Cameroonian State not only honors its commitments to the Cobac under the performance contract but also to the Bvmac. Indeed, in 2018, the country, along with its Cemac counterparts, committed to listing its stakes in the capital of public, parastatal, or public-private partnership companies on the stock exchange as part of privatization programs. The objective is to strengthen the role of the financial market in financing economies in the subregion.
Read the original article(French) on Journal du Cameroun
